KB Financial chief vows to win back trust

KB Financial Group chairman Yoon Jong-kyoo is a man with a mission.

As the chief was selected after a months-long crisis involving internal feuding, data leaks and loan fraud, Yoon has a lot on his plate, and he knows it.

This is why the new chairman has made it clear that he will make winning back consumer trust and boosting employee morale his top priorities.

On Nov. 21, Yoon said at his inauguration ceremony that KB would “continue to enforce stringent internal control systems and reinforce corporate ethics.” This way, he said, he would help create a “clean KB.” 

Yoon stressed that without customer trust, there is no chance of KB reclaiming its glory and prestige as the nation’s leading financial group.

The chairman’s comments came as the firm was still struggling to wipe its slate clean in the aftermath of a power dispute between former KB Financial Group chairman Lim Young-rok and KB Kookmin Bank CEO Lee Kun-ho.

The internal strife had added to the growing public mistrust of KB stemming from a nationwide information leak and loan fraud at KB Bank’s Japanese branches earlier this year.

“We have overcome crises, and our greatest strength and potential lies in our ability to start anew,” Yoon said, calling this perseverance the “success formula” for KB Financial.

The chairman added that the group will focus on supporting small and mid-sized enterprises by expanding its microfinance businesses and fulfilling its other duties ― including developing loans for technologically advanced smaller companies ― as one of the country’s largest financial organizations.

KB Financial Group has more than 30 million customers at its banking, credit card, insurance, securities, capital and savings divisions.

By Suk Gee-hyun (monicasuk@heraldcorp.com)